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Cyprus News Agency: News in English, 08-11-07

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>




    President of the Republic of Cyprus Demetris Christofias has said that regulatory authorities are needed to supervise the financial system, in the face of global financial crisis.

    Christofias was speaking at Larnaca International Airport prior to his departure for Brussels to attend an extraordinary EU Summit, called by EU term President Nicolas Sarkozy ahead of the international summit on the financial crisis scheduled on 15 November in Washington.

    The President said that during this meeting the EU Heads of State and Government ``will finalise the EU position which will be tabled in the G20 meeting``.

    He added that the EU leaders will reconfirm the positions drafted in the two earlier summits. The essence is that supervisory authorities must be created for an increased control over the financial system, he added.

    The President expressed hope that all the measures taken so far will bear fruit ``because at the end of the day ordinary people will pay the price of the consequences to the real economy.``

    Replying to questions on the Cypriot economy, Christofias recalled that the forecasts for Cyprus for 2008 are perhaps the best in the EU with GDP growth at 3.8% at the end of 2008.

    ``Next year will not be negative (in terms of GDP growth), naturally the forecast is that we will have a contraction and we are trying with measures, which we will announce soon, to deny, if possible, the projections of the European Commission for 2-2.5% GDP growth and of course to maintain full employment,`` he added.

    ``These are our targets. I hope that everyone appreciates that no panic should be created within the people and the market so that we will handle, in the best possible way, the consequences of this storm which is sweeping the world,`` he concluded.


    President of the Republic of Cyprus Demetris Christofias in a congratulatory message to Barack Obama on his election to the Presidency of the United States of America notes his clarion call for change has created great expectations not only to the people of America, but to the whole humanity.

    In his message released on Friday, President Christofias, on behalf of the people and the Government of the Republic of Cyprus, expresses his most heartfelt congratulations on Obamas historic election as President of the United States of America`` and remarks that the people of Cyprus, and the world as a whole, have followed with great interest the US election campaign.

    ``Your landmark victory comes at a time of many challenges that the international community is called upon to face and act on. Whether it be the financial crisis, poverty, social injustice, securing international peace and security, combating international terrorism, the environment and the energy crisis, all of these require international dialogue, engagement and cooperation``, he notes.

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